G7 and EU plan a new BRI in the making?
Clockwise from left, British Prime Minister Boris Johnson, Japanese Prime Minister Fumio Kishida, the President of the European Commission Ursula von der Leyen, European Council President Charles Michel, Italian Prime Minister Mario Draghi, Canadian Prime Minister Justin Trudeau, French President Emmanuel Macron, German Chancellor Olaf Scholz and U.S. President Joe Biden attend a working session during of the G7 leaders summit at Castle Elmau in Kruen, near Garmisch-Partenkirchen, Germany, on Tuesday, June 28, 2022. The Group of Seven leading economic powers are meeting in Germany for their annual gathering Sunday through Tuesday. (John MacDougall/Pool Photo via AP)
The G7, the big leaders of the world, and the EU have pledged to raise 600 billion US dollars (634.56 billion euros) over five years to finance needed infrastructure in developing countries. In the west, it is considered a counter act of the Belt and Road initiative (BRI) of China. China itself says to welcome additional funds.
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